You easily can forget which power of 2 corresponds to what position. Accordingly, it is a good idea to create an enumeration so that you do not have to remember the correspondence:
enum {bit0 = 1, bit1 = 2, bit2 = 4, bit3 = 8 bit4 = 16, bit5 = 32, bit6 = 64, bit7 = 128};
Alternatively, once you have decided what each bit position is to represent, you can compose an enumeration to reflect your decisions:
enum {bad_size_bit = 1, bad_price_bit = 2, too_much_bit = 4, too_little_bit = 8};